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How We Are Invested
Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

Onex Capital
($ in millions)
As at

Sept. 30, 2015

Dec. 31, 2014

Private Equity
Onex Partners
Private Companies(1)

$    2,500

$ 1,748
Public Companies(2)

21 

30

   Unrealized Carried Interest(3)

160 

115
ONCAP(4)

370 

292
Direct Investments
Private Companies(5)

20 

100
Public Companies(2)

231

210

$    3,302

$ 2,495
Onex Credit(6)

432  

366
Onex Real Estate Partners(7)

192

242

624

608
Other Investments

7

24
Cash and Near-Cash(8)

2,054

2,877
Debt(9)

Nil

Nil

$    5,987

$     6,004
Onex' Capital per Share (U.S. dollars)(10)(11)

$    54.52

$     54.11
Onex' Capital per Share (Canadian dollars)(10)(11)

C$    72.75

C$     62.77


(1) Based on the fair value of the investments in Onex Partners’ financial statements net of the estimated Management Investment Plan (“MIP”) liability on these investments of $56 million (June 30, 2015 - $51 million; December 31, 2014 - $40 million). 
(2) Based on closing price on September 30, 2015 and December 31, 2014.
(3) Represents Onex’ share of the unrealized carried interest on public and private companies in the Onex Partners Funds.
(4) Based on the fair value of the investments in ONCAP’s financial statements net of the estimated management incentive programs on these investments of $15 million (December 31, 2014 – $9 million) and a US$/C$ exchange rate of 1.3345 (December 31, 2014 – 1.1601).
(5) Onex sold its investment in Sitel Worldwide during the third quarter of 2015.  At September 30, 2015, based on an estimated earn-out component.  At December 31, 2014, based on the fair value.
(6) Based on the market values of investments in Collateralized Loan Obligations (including warehouse facilities) of $305 million (December 31, 2014 – $237 million) and Onex Credit Funds of $127 million (December 31, 2014 – $129 million). Excludes $354 million (December 31, 2014 – $346 million) invested in an Onex Credit segregated unlevered senior secured loan strategy fund, which is included with cash and near-cash items.
(7) Based on the fair values. During the first nine months of 2015, Onex had net realizations from Flushing Town Center of $51 million and sold two investments.
(8) Includes $354 million (December 31, 2014 – $346 million) invested in an Onex Credit segregated unleveraged senior secured loan strategy fund and $1.1 billion (December 31, 2014 - nil) of investments managed by third-party account managers.
(9) Represents debt at Onex Corporation, the parent company.
(10)
Calculated on a fully diluted basis. Fully diluted shares were 117.1 million at September 30, 2015 (December 31, 2014 – 112.9 million). Fully diluted shares include all outstanding Subordinate Voting Shares and outstanding Stock Options that have met the minimum 25% price appreciation threshold.
(11) The change in Onex’ Capital per Share is impacted by fair value changes of Onex’ investments. Share repurchases and options exercised during the period will have an impact on the calculation of Onex’ Capital per Share to the extent that the price for share repurchases and option exercises is above or below Onex’ Capital per Share.

Onex Corporation has no debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.